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“传统的政府债务观点”与“李嘉图等价观点”对国债融资的消费效应存在很大的争议。本文基于生命周期假说,将国债幻觉引入基本消费函数,区分私人部门持有的国债资产和其他资产两部分,运用中国宏观经济数据实证分析了国债对城镇居民消费的影响。实证结果表明:国债对城镇居民具有一定的“财富效应”;人均可支配收入仍是居民消费的基础;其他金融资产对城镇居民具有“负”的财富效应,而住房资产对城镇居民而言具有“正”的财富效应。
“The traditional view of government debt ” and “Ricardo equivalent view ” There is a lot of controversy over the consumer effect of the financing of national debt. Based on the life-cycle hypothesis, this paper introduces the illusion of national debt into the basic consumption function, distinguishes the treasury bond assets and other assets held by the private sector, and uses the Chinese macroeconomic data to empirically analyze the impact of treasury bonds on the urban residents’ consumption. The empirical results show that: Treasury bonds have a certain “wealth effect” to urban residents; per capita disposable income is still the basis of household consumption; other financial assets have a “negative” wealth effect on urban residents, Residents have a “positive” wealth effect.